When applying loan through the app without any documents, the money is received quickly and it is a benefit to the needy. But no matter how much is repaid, the outstanding balance will make the creditor difficult. The problems that come later will worry the students and the middle-income earners well.
By downloading the instant app, these people first capture the customer's KYC documents, photo and contact list on the phone.
If they are unable to repay the money, they create a WhatsApp group by including the people in their contact list and post bad comments in the group to slander the borrower and put pressure on them. The lawyer will proceed with the tactics of sending fake notices and calling the client and relatives several times a day. The delinquent customer settles the loan by paying the required amount.
Complaints against such persons can be lodged online at the RBI website https://sachet.rbi.org.in/Complaints/Add. If the complaint is true, the complaint will be forwarded to the Enforcement Directorate.
Reserve Bank of India reminds you to never hand over KYC documents and your photograph to strangers.
